Samuel Tombs, chief UK economist at Pantheon Economics, said the survey showed the UK is now "enduring stagflation". He added that the services sector is now vulnerable due to rising prices; the survey showed that last month average input prices for businesses were rising at the fastest pace since August 2008.

Chris Williamson, chief business economist at IHS Markit, said: "A further slowdown in UK business activity growth in February adds to evidence that the economy has lost momentum after the impressive expansion seen at the end of last year.

"Weaker consumer spending was a key cause of slower service sector growth, suggesting that household budgets are starting to crack under the strain of higher prices and weak wage growth."